Free Banking: Theory, History and a Laissez-Faire Model

FIGURES

  1.   Microeffects of an Increase in k

  2.   Macroeffects of an Increase in k

  3.   Microeffects of a Decrease in Goods’ Production Costs

  4.   Macroeffects of a Decrease in Goods’ Production Costs

  5.   Microeffects of an Increase in Specie Reserves

  6.   Macroeffects of an Increase in Specie Reserves

  7.   Microeffects of an Increase in ko/Decrease in ki

  8.   Macroeffects of an Increase in ko/Decrease in ki

  9.   Effects of an Increase in the Relative Demand for Currency (Central Banking)

10.   Effects of an Increase in the Relative Demand for Currency (Free Banking)

11.   Price Effects of an Increase in Relative Currency Demand

12.   Interest Rate Effects of an Increase in k

13.   Interest Rate Effects of a Decrease in Goods’ Production Costs

14.   Interest Rate Effects of an Increase in ko/Decrease in ki

TABLES

  1.   Bank Failures per Thousand, 1772–1830

  2.   Wholesale Price Index for Great Britain, 1765–1845

  3.   Number of Banks in the United States, 1815–1860

  4.   American Bank Reserve Ratios, 1834–1860

  5.   American Bank Reserve Ratios as of January 1, 1860

  6.   American Bank Capital Ratios, 1834–1860

  7.   Money Supply per Capita, 1835–1860

  8.   Money Supply per Capita, 1867–1914

  9.   Money Supply per Capita, 1919–1932

10.   Money Supply (Ml) per Capita, 1959–1989

11.   Money Supply per Capita (Hepburn Estimate), 1835–1860

12.   Money Supply per Capita (Temin Estimate), 1835–1858

13.   Monetary Base per Capita, 1835–1860

14.   Monetary Base per Capita, 1867–1914

15.   Monetary Base per Capita, 1919–1932

16.   Monetary Base per Capita, 1959–1989

17.   Wholesale Price Index, 1835–1932

18.   Wholesale Price Index, 1959–1989

19.   Consumer Price Index, 1835–1932

20.   Consumer Price Index, 1959–1989

21.   Commercial Paper Rate of Interest at Boston and New York, 1836–1860

22.   Commercial Paper Rate of Interest at New York City, 1866–1914

23.   Commercial Paper Rate of Interest at New York City, 1919–1932

24.   Commercial Paper Rate of Interest at New York City, 1959–1989

25.   Index of Common Stock Prices, 1835–1860

26.   Index of Common Stock Prices, 1866–1878

27.   Standard & Poor’s Index of Common Stock Prices, 1879–1932

28.   Standard & Poor’s Index of Common Stock Prices, 1959–1989

29.   Real National Income per Capita, 1839–1932

30.   Real National Income per Capita, 1959–1989

31.   Index of Industrial Output per Capita, 1829–1932

32.   Index of Industrial Output per Capita, 1959–1989